ECB Monthly Bulletin | December 2004

Summary:

The Monthly Bulletin was published from January 1999 to December 2014. The Monthly Bulletin was published one week after each monetary policy meeting of the ECB's Governing Council. It explained the monetary policy decision and provided a detailed analysis of the current economic situation and risks to price stability.

Table of Contents:

• Editorial
• Economic and monetary developments
  • The external environment of the euro area
  • Monetary and financial developments
  • Prices and costs
  • Output, demand and the labour market
  • Fiscal developments
  • Eurosystem staff macroeconomic projections for the euro area
  • Exchange rate and balance of payments developments
  • Boxes:
    • Prediction of future oil prices
    • Risk aversion and developments in monetary aggregates
    • Saving, financing and investment of euro area households and non-financial corporations in 2003
    • Financing conditions of non-financial corporations in the euro area
    • Liquidity conditions and monetary policy operations from 11 August to 8 November 2004
    • Recent trends in implied bond market volatility
    • Competition and price developments in the euro area electricity and gas markets
    • Possible impact of the removal of trade quotas for textiles and clothing
    • Good standards for compiling and reporting government finance statistics
    • Comparison with the ECB staff macroeconomic projections of September 2004
    • Forecasts by other institutions
• Euro Area Statistics
  • Chronology of monetary policy measures of the Eurosystem
  • The TARGET (Trans-European Automated Real-time Gross settlement Express Transfer) system
  • Documents published by the European Central Bank since 2003
• Glossary